{"id":1004167623,"date":"2017-02-28T04:26:41","date_gmt":"2017-02-28T12:26:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004167623"},"modified":"2022-12-09T02:12:08","modified_gmt":"2022-12-09T10:12:08","slug":"socal-mixed-use-center-sells-for-62m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/socal-mixed-use-center-sells-for-62m\/","title":{"rendered":"SoCal Mixed-Use Center Sells for $62M"},"content":{"rendered":"

By Ariela Moraru<\/em><\/p>\n

\"Arcadia<\/a>

Arcadia Gateway Center<\/p><\/div>\n

Los Angeles<\/strong>\u2014Hanley Investment Group Real Estate Advisors has arranged the sale of Arcadia Gateway Center for $62.1 million. This amount represents 98 percent of the asking price and a cap rate of 5.45 percent. The 156,046-square-foot commercial center in Arcadia, Calif., comprises retail, medical and office buildings.<\/p>\n

The two sellers, Arcadia Gateway Centre Delaware Partners LLC and Post Exchange LLC were represented by Hanley Investment Group President Ed Hanley, Executive Vice President Pat Kent, along with Senior Associate Corey Olson. Henry Hong, senior vice president with Lee & Associates represented the buyer, JLJ (USA) Investment LLC of City of Industry, Calif.<\/p>\n

Built in 1988, Arcadia Gateway Center is located at 300-450 East Huntington Drive, at the southwest corner of Huntington Drive and 5th Avenue, just off the Huntington Drive exit of the 210 Freeway. The five-building complex benefits from approximately 900+ feet of frontage along Huntington Drive, which is the main east-west commercial thoroughfare in the immediate trade area. The nearby Metro Gold Line supplies light-rail service connections from Downtown Los Angeles, up north to Pasadena, and as far east as Montclair.<\/p>\n

\u201cThis is a prime, irreplaceable southern California location with strong historical tenants and 98 percent occupancy, situated near the heavily-trafficked 210 Freeway exit with 265,000+ cars per day,\u201d said Hanley in prepared remarks.<\/p>\n

According to Kent, the retail component, which is 91 percent leased, features a 43,578-square-foot single-story multi-tenant building and two freestanding restaurant pad buildings leased to BJ\u2019s Restaurant and Brewhouse and Olive Garden. The retail tenants include Men\u2019s Wearhouse, Leslie\u2019s Pool Supplies, Scottrade, Starbucks and Togo\u2019s.<\/p>\n

The property also features a 48,455-square-foot two-story medical office building, which is 100 percent leased to HealthCarePartners, and a 64,013-square-foot four-story multi-tenant office building, which is also fully leased to HealthCare Partners, Oracle America and Regus, together with a mix of medical and service-oriented tenants.<\/p>\n

\u201cThe property offered the buyer instant diversification with the total net-operating income allocated as approximately 32 percent from retail, 28 percent from medical and 34 percent from office,\u201d said Kent in a prepared statement.<\/p>\n

According to Kent, 90 percent of the current tenants have occupied space at the property for more than five years and 73 percent even for more than 10 years. Approximately 75 percent of the existing tenancy is not scheduled to mature until 2019 or later.<\/p>\n

The complex is situated in an area with 150,000 people within a 3-mile radius earning an average household income in excess of $95,000.<\/p>\n

\u201cThe property also benefits from being well-located in this established office corridor with excellent daytime population,\u201d said Kent. \u201cThere are currently one million square feet of existing office space (and 99 percent occupancy) within a two-block radius of Arcadia Gateway Center, which substantiates a high daytime population and demonstrates strong office and retail demand in the immediate area.\u201d<\/p>\n

Image courtesy of Hanley Investment Group Real Estate Advisors<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The 156,000-square-foot retail, office and medical complex sold for 98 percent of the asking price, representing a cap rate of 5.45 percent. <\/p>\n","protected":false},"author":960,"featured_media":1004167793,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,1594,21752,21742,15],"tags":[33902],"class_list":["post-1004167623","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-los-angeles","category-mixed-use","category-latest","category-west","tag-hanley-investment-group"],"acf":[],"yoast_head":"\nSoCal Mixed-Use Center Sells for $62M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/socal-mixed-use-center-sells-for-62m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SoCal Mixed-Use Center Sells for $62M\" \/>\n<meta property=\"og:description\" content=\"The 156,000-square-foot retail, office and medical complex sold for 98 percent of the asking price, representing a cap rate of 5.45 percent.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/socal-mixed-use-center-sells-for-62m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2017-02-28T12:26:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:12:08+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/02\/Arcadia-Gateway-Center2.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"809\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Ariela Moraru\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/socal-mixed-use-center-sells-for-62m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/socal-mixed-use-center-sells-for-62m\/\",\"name\":\"SoCal Mixed-Use Center Sells for $62M - 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